France-based building materials group Compagnie de Saint-Gobain continues to exhibit robust operating performance and we expect this trend to gather positive momentum through 2017 and 2018. In our view, conditions in Saint-Gobain's core markets, particularly North America and Europe, should remain broadly supportive, with credit ratios remaining comfortably commensurate with our 'BBB' rating level. We are revising our view of Saint-Gobain's management and governance to strong from satisfactory. We are affirming our 'BBB' long-term corporate credit rating on Saint-Gobain. The stable outlook reflects our anticipation of a continued robust operating performance through 2017 and 2018, supported by good volume demand and a slightly inflationary environment that results in positive pricing conditions. Potential foreign exchange volatility continues to act as a
